CHARLESTON, WV (WVNS) — On Friday, July 1, West Virginia State Treasurer Riley Moore ecstatically announced the official launch of his new Jumpstart Savings Program, where participants can now begin to enroll online.
This sole purpose of this program is to help individuals who wish to pursue a career in different skilled vocations and trades, which can range anywhere from welding to cosmetology. This can help them save money and enjoy the perks of various state income tax benefits.
With the help of this new innovative program, people can make up to $25,000 per year in payments to a Jumpstart Savings Accounts that can be eligible for a state income tax deduction.
“This is a great day both for our state and for me personally as this first-of-its-kind savings program has finally completed the transition from idea to reality. I truly believe this Jumpstart Savings Program will serve as a national model to help empower and rejuvenate our blue-collar workforce in America,”West Virginia State Treasurer Riley Moore
$25,000 of Jumpstart Savings Account funds that are used per year that are qualified for entrepreneurial costs, equipment, tools, certifications, and licenses needed for these various vocations and trades also become eligible for state income tax deduction. This program is currently also trying to pass through Congress that the tax benefits extend to federal taxes as well.
There is also a new “Ignite Incentive” that is offered through this Jumpstart Savings Program for people who decide to open accounts. $100 dollars as a starter contribution when the account holder is under 18 years old or when an account is opened within 180 days by an account holder who is enrolling in a qualifying apprenticeship or any educational or further educational programs.
“I used to be a welder working at mining operations and thought about starting up my independent mobile welding business, but I found the startup costs to be too much to overcome. This is a problem a lot of people working in trades face. We invest in their education with things like free community college, but when it comes to launching a contracting business or entering the workforce, they find the costs too high to succeed – the Jumpstart Savings Program is designed to help them overcome this problem,” expressed Treasurer Moore, who said this program is partly inspired due to his personal experience working as a welder earlier in his life.
Moore’s Jumpstart Savings Program has already been noticed and flourishing quickly as well. This program is overseen by the Board of Trustees of the West Virginia College and Jumpstart Savings Programs, and the Board has already partnered with United Bank.
“As West Virginia’s Bank, United Bank is proud to partner with Treasurer Moore in the implementation of this innovative savings program and to invest in our home state, helping not only to build a skilled workforce, but also assist people across the state in achieving their occupational goals and dreams. With United’s footprint across the Mountain State, we are honored to have been selected to be a part of this groundbreaking initiative and are excited to watch the program and West Virginians continue to flourish,” said United Bank Regional President D.F. Mock, who feels that this program is extremely beneficial not only short term, but long term as well helping West Virginians achieve their goals in a more realistic way.
Treasurer Moore doesn’t want this program to be exclusive to just West Virginia, but hopes that this program will have other states considering the program as well.
“We’ve already had conversations with lawmakers in other states – as well as in Congress – about expanding this program across the country. This is just another example of how West Virginia is a leader in creating new, innovative ways to build up our blue-collar workforce,” said Moore.
“America needs vocational and trades jobs now more than ever. If we want to rebuild our manufacturing base, restore our domestic supply chain and compete against countries like China, we’re going to need to build up our workforce. The Jumpstart Savings Program will be a critical tool to help people fill these critical, high-paying jobs,” said Treasurer Moore, expressing the urgent need for this beneficial and budget saving program.
If interested in opening an account and enrolling in the Jumpstart Savings Program, please visit WVJumpstart.com to sign up. An account can be opened up with a small contribution of $25.